This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch, a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf].

Kevin does a great job parsing out the market and its a pleasure to share his results on Matrix —Jonathan Miller

Although Philadelphia’s house prices may be resisting their continued declines, home sales continued their downward plunge this spring. Even though spring is normally the busiest time of year for housing transactions, only 4,546 dwellings changed hands under arms-length conditions this past quarter. This is a 25% drop from spring 2007, and a 42% drop from the housing boom’s peak in the summer of 2005.

This is an incredible display of the statistics. Some of the Atlanta real estate market is acting in a similar manner with lower sales and higher prices. Unfortunatley, mortgage fraud and too much regentrification inside the city limits trends our overall numbers down. The color coded price per square foot chart is fantastic.

It’s quite disturbing when viewing statistics such as these. I am humbled by how much disarray our society has become. Housing is just the beginning. When People loose jobs and can’t afford to have a roof over their heads, it shows that not only this area, but in all areas of the country are in a crisis. I hope this trend reverses soon. Everyone deserves a chance to have a home of their own. Thank you so much for bringing the stats to life the way it is displayed. Enjoy the rest of your day.

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About Jonathan Miller

Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.Learn More...

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